Dealers are aware that at present deposits under Foreign
Currency Accounts Scheme are accepted on interest basis.
Requests are being received
from public for permitting acceptance of the deposits
on PLS basis from those who do not want to make interest‑based
investments. In order to accommodate such requests, it
has been decided to introduce "Special Convertible,
Rupee Accounts" Scheme. The modus-operendi
for operating the scheme will be as under :-
The amount of deposits will be converted
into rupees and credited
to the "Special Convertible Rupee" account of
the depositor at
the rate obtaining on the date of deposit
The record of the Special Convertible Rupee Accounts
be kept separately.
The depository bank will keep the evidence of receipt
funds from abroad.
These accounts will be fed exclusively through
received from abroad
in foreign currency and the profit earned.
There will be no restriction on transfer of funds
from these accounts
to any country abroad or to the payment thereof in Pakistan
in Pakistan as desired by the depositors,
Forward cover will not be allowed on these special
rupee accounts. The remittances outside Pakistan will
be allowed at
the rate of exchange obtaining at the time of remittance.